Buy MCX Silver (July) @ 70450 SL 69300 TGT 72500 - Choice Broking
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Silver
* Ona weekly chart, MCX Silver (July) future has been trading in Symmetrical Triangle pattern from last couple of weeks.
* Moreover, the price has also been moving above the 50 weeks SMA & Ichimoku Cloud formation, which indicates bullish trend in the counter for the long term.
* Furthermore, the price has sustained above 61.8% Retracement Level of its prior fall, suggests bullish strength in the counter.
* Inadditions, the price has also settled above & 100 days EMA on the daily chart, which supports the bullish trend
* Also,amomentum indicator RSI (14) sustain above 60 level & Stochastic crossover ona weekly chart.
* Based on the above technical structure, we suggest a bullish movement in MCX SLVER (July) towards the level of 72500 in the near term.
Buy MCX Silver (July) @ 70450 SL 69300 TGT 72500
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